Questions That Home-Buyers Should Be Asking Property Agents... But Aren’t

If you’re looking to snag some property this year, you’re in luck. Apparently 2019 is a good year to buy both private property and HDB flats, what with falling prices, according to the folks at PropertyGuru (www.propertyguru.com).

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Ask the expert

Explains PropertyGuru’s Chief Business Officer, Lewis Ng (above): “Resale prices also dipped by 0.2 per cent in Q4 2018, following a 0.1 per cent drop in the previous quarter. However, we expect en bloc property owners to fuel the demand for HDB resale flats which could then cause prices to increase by up to 2 per cent in 2019.” As for private property prices, despite increasing in the first three quarters of 2018, it has declined slightly by 0.1 per cent in Q4.

Wanna get started on your search but clueless about where to start? The obvious answer is to speak to a property agent. But say what? It’s not just enough to ask the obvious questions, not when you’re sinking in all this dough on the biggest purchase of your life. Lewis dispenses some tips.

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Why is the owner selling the property?

“Knowing the owner’s motivations to selling his/her property is key," says Lewis. "For instance, if the owner is looking to sell the property quickly, you now have an opportunity to push for a lower price. In other cases, it may also be that the owner is avoiding repair or renovation work and would prefer passing on the expenses to the buyer.”

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How many times has the property been sold, and to whom?

“If it has repetitively changed hands, there may be a serious problem with it.”

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Find out more about the neighbourhood, including plans in the pipeline.

“Find out more about nearby amenities such as schools, shopping malls, and access to public transport. You can also get more details on areas in Singapore by checking out PropertyGuru's AreaInsider feature which provides you with pricing analysis and upcoming government plans that affect the future potential of the neighbourhood.”

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Have there been offers on this property?

“The lack of offers or interest from other buyers could lead to the seller being more willing to negotiate.”

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More tips to score a bargain

#1: Go for a unit on a lower level. “In the city area, the price increase per floor is roughly $9,000 or 2.9%, while a 0.5% increase per floor is expected in suburban areas. For example, the asking price in Bedok for one unit on the 12th floor was $700,000, while a similar unit on a lower floor was sold for slightly lesser than $600,000.”

#2: Look out for the lack of amenities. “Nearby appealing amenities, or lack thereof, help buyers gauge the amount they should be paying for a property. For instance, the lack of a nearby MRT station or eateries can be used as a bargaining tool to lower the asking price during negotiations.”

#3: Look around. “Buyers also typically view and enquire about multiple houses that match their needs before finalising one. Having several options gives them a higher bargaining power when it comes to negotiating prices with the owner.”